Sable Offshore Corp. · NYSE:SOC
Sable Offshore — Investor Presentation (June 2026)
27 slides from Sable Offshore's investor presentation, Jun 1, 2026
Slide 1: Sable Offshore Corp. Investor Presentation June 2026
Sable Offshore Corp. Investor Presentation June 2026
Slide 2: Forward Looking Statements
2 FORWARD LOOKING STATEMENTS The information in this presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this presentation, the words “could,” “should,” “would,” “will,” “may,” “believe,” “anticipate,” “intend,”
Slide 3: Unlocking value in the Santa Ynez Unit
3 Unlocking value in the Santa Ynez Unit Sable Offshore Corp. (NYSE: SOC) Sable Offshore (NYSE: SOC) is an exploration and production company based in Houston that operates the Santa Ynez Unit (“SYU”), an oil and gas production unit comprised of 16 federal leases and three offshore platforms and a
Slide 4: SYU History
4 SYU History Premier offshore project developed by Exxon over 40+ years Discovered in 1968, over the course of 14 years Exxon consolidated 16 offshore federal oil leases into a streamlined production unit known as SYU ─ SYU platform construction began in 1976 with Platform Hondo (online in 1981)
Slide 5: SYU Federal Production and Marketing Assets
5 SYU Federal Production ─ 16 Federal Leases, ─ Sable operated, 100% WI, 83.6% NRI Marketing ─ Currently, Sable sells oil through the Santa Ynez Pipeline System from Platform Harmony, located in offshore federal waters, to the inland sales point at Pentland, CA, where oil is sent to the El Segun
Slide 6: Santa Ynez Unit compared with Gulf of Mexico fields
6 Field Name Prospect Name Oil (MMBbl) Gas (Bcf) Total (MMBoe) Santa Ynez Unit SYU 706 1,131 894 Mississippi Canyon 807 MARS-URSA 473 688 596 Mississippi Canyon 940 VITO 411 200 446 Mississippi Canyon 392 APPOMATTOX 319 165 348 Mississippi Canyon 778 THUNDER HORSE 245 179 277 Walker Ridge 678 SAINT
Slide 7: SYU Total Recoverable Resources
7 SYU Total Recoverable Resources Significant production history and prolific resource potential Note: Management estimates are inherently uncertain and subject to numerous risks. Actual results may differ in a material amount from management estimates and projections. Resource figures reflect gross
Slide 8: SYU is Ramping Up to Full Production
8 Initial production at Harmony and Heritage platforms has exceeded expectations SYU is Ramping Up to Full Production Production Restart: May 2025 Estimated fully ramped gross sales: ~22,000 Bo/d Wells: 32(1) Available well slots: 23-27(2) Platform Harmony Production Restart: April 2026 Esti
Slide 9: Development Plan Through 2029 to Maximize Free Cash Flow
9 Development Plan Through 2029 to Maximize Free Cash Flow Development Plan Driven by High Quality Perf Adds Estimated PDP Reserve Booking Schedule (MMBoe) (10.2) (17.9) (18.1) (18.0) 9.3 17.1 18.8 18.1 129.4 128.5 127.7 128.4 128.5 27.9 48.9 49.4 49.3 2026 2027 2028 2029 2030 Estimated Beg. PDP Res
Slide 10: Immediate Opportunity: Perf Adds and Additional ESPs
10 Immediate Opportunity: Perf Adds and Additional ESPs Perf Adds Have Generated Strong Results at Low Costs Perforation adds (“Perf Adds”) represent additional completions made uphole of existing perforations to extend the available productive reservoir Through 2028, the Company’s priority is r
Slide 11: Development Drilling and Workover Opportunities
11 Development Drilling and Workover Opportunities U pp er S ili ce ou s M as si ve C he rt Lo w er C al ca re ou s Existing Perfs Planned Perf Adds H eavy O il U pside SYU Cross Section Monterey Type Log Note: Type log is illustrative of Sable management’s interpretation of Gas Oil Contact, Planned
Slide 12: Longer Term Opportunity: Undrilled Inventory
12 Longer Term Opportunity: Undrilled Inventory Sable possesses a deep technical inventory of over 100 identified undrilled locations across the SYU ─ Technical opportunity inventory is based on 80-acre drainage area, maturing field from original 120-acre spacing Future development strategy focu
Slide 13: Reserves Summary
13 Reserves Summary(1)(2)(3) Reserves Estimate at Brent Strip / $80 / $100 Oil Pricing (1) Reserve report assumes June 2026 effective date. Brent strip pricing as of May 19, 2026 (2026: $92.73/Bbl, 2027: $81.59/Bbl, 2028: $76.84/Bbl, 2029: $74.46/Bbl, 2030+: $72.85/Bbl). (2) Management estimates are
Slide 14: Overview of 2020 Federal Consent Decree
14 Overview of 2020 Federal Consent Decree Pipeline Segments 324 and 325 of the SYPS, which was purchased from ExxonMobil in 2024, are contractually subject to portions of a 2020 Federal Consent Decree that, among other things, contains requirements for resumption of petroleum transportation throu
Slide 15: Recent Federal Actions Related to Sable's Continuing Operations
15 Recent Federal Actions Related to Sable’s Continuing Operations Pipeline and Hazardous Materials Safety Administration (PHMSA) United States Department of Justice (DOJ) United States Department of Energy PHMSA recognized the SYPS as an interstate pipeline system, asserting federal jurisdiction
Slide 16: Milestones Achieved and Next Steps
16 Milestones Achieved and Next Steps Complete repairs on the SYPS (May 2025) Restart production at Platform Harmony (May 2025) Complete successful hydrotests on the SYPS (May 2025) Resume oil transportation through the SYPS to LFC Midstream Processing Facilities (May 2025) Federal regulat
Slide 17: Financial Overview
Financial Overview a= SABLE OFFSHORE
Slide 18: Current Capitalization
18 Current Capitalization Robust asset coverage due to high-value PDP wells and low-cost development opportunities Current Capitalization ($mm, unless otherwise noted) Net Reserves Coverage Leverage As of 3/31/26 PDP Estimate 1P Estimate 3P Estimate 2027E EBITDA Share Price (as of 5/29/26) ($/sh) $1
Slide 19: Preliminary Financial Guidance (2026E – 2028E)
19 Preliminary Financial Guidance (2026E – 2028E) Updated Financial Guidance Q2 – Q4 2026E FY 2027E FY 2028E Production & Realizations Gross Average Daily Production (MBoe/d) 42.5 - 47.5 55.0 - 60.0 57.5 – 62.5 Working Interest / Net Revenue Interest (%) 83.6% 83.6% 83.6% Net Average Daily Productio
Slide 20: 3-Year Unlevered Free Cash Flow Guidance at Strip
20 3-Year Unlevered Free Cash Flow Guidance at Strip Q2 – Q4 2026E FY 2027E FY 2028E Production Gross Average Daily Production (MBoe/d) 42.5 - 47.5 55 - 60 57.5 - 62.5 Working Interest / Net Revenue Interest (%) 83.60% 83.60% 83.60% Net Average Daily Production (MBoe/d) 35 - 40 47.5 - 52.5 47.5 - 52
Slide 21: Hedging & Bonding Strategy
21 Hedging & Bonding Strategy Unlevered FCF(1) at Various Hedging Scenarios Sable intends to hedge 100% of expected PDP oil production volumes through 2028 Sable plans to implement a costless collar and deferred premium put strategy to establish downside protection, while leaving long- term upsi
Slide 22: Sable management team is an award-winning, safe, and prudent California Operator
22 Sable management team is an award-winning, safe, and prudent California Operator Two commendations from the Air Pollution Control District for Emissions Reductions and Use of Innovative Emissions Control Technology at the Arroyo Grande Oil Field “Due to PXP’s generosity and civic mindedness … [
Slide 23: Key Investment Highlights
23 Key Investment Highlights SYU has a 30+ year history of slow base declines between 6-8% Shallow decline profile reduces reinvestment rate required to maintain projected production Shallow Decline Modest reinvestment required in the near-term as Sable capitalizes on production optimization
Slide 24: Appendix
Appendix a= SABLE OFFSHORE
Slide 25: California: Energy Island in Crisis
25 California: Energy Island in Crisis The domestic energy market in California is struggling and needs local production for stabilization Refinery Closures Source: EIA, California Energy Commission. (1) 1.5 MMBbl/d of California petroleum consumption per EIA. (2) List of countries that import oil i
Slide 26: California: Exposed to Unreliable Foreign Markets
26 California: Exposed to Unreliable Foreign Markets Imports carry risk of geopolitical conflicts, infrastructure fragility and a structural shift in trade policy The Middle East Provides ~29%(1) of Foreign Oil Imports to California Source: EIA, California Energy Commission. (1) Represents percent o
Slide 27: Non-GAAP Reconciliation
27 Non-GAAP Reconciliation Q2 – Q4 2026E FY 2027E FY 2028E Non-GAAP Item Reconciliation Net income (loss) $192 - $256 $287 - $382 $259 - $346 Addback: Interest expense, net(1) $96 - $129 $129 - $173 $129 - $173 Addback: Income tax expense (benefit) $22 - $29 $107 - $143 $98 - $131 EBIT $310 - $414 $